Economic activity in Armenia increases by 8.7% over 9 months

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YEREVAN, October 25. /ARKA/. According to preliminary data from the Armenian National Statistical Committee, Armenia’s economic activity indicator rose by 8.7% in January-September 2024 compared to the same period in 2023./pp

In September 2024, economic activity grew by 7% year-on-year and by 6.6% compared to August 2024./pp

According to available data, all economic sectors saw growth in the first nine months of this year, though information on the average monthly nominal salary is not provided./pp

During the reporting period, the volume of industrial production reached 2,123,520.8 million drams, up by 12.6% compared to January-September 2023. In September alone, growth was recorded at 4.6% year-on-year and 1.6% month-on-month./pp

Gross agricultural output for January-September increased by 1.8%, totaling 628,664.6 million drams. September data on agricultural growth is not provided./pp

Construction volume for the first nine months of 2024 increased by 15.9% year-on-year to 406,371.7 million drams. In September, this sector recorded a 14.7% increase year-on-year and a 5.7% rise compared to August./pp

Reaching 4,418,461.8 million drams from January to September, trade turnover rose by 19.5% compared to the same period last year. In September, trade turnover grew by 13.4% year-on-year but declined by 0.5% month-on-month./pp

The volume of services amounted to 2,444,300.9 million drams for the reporting period, a 5.9% increase from last year. In September, services saw an 11.6% year-on-year increase, though a month-on-month decline of 2.5% was noted./pp

Figures and forecasts for the Armenian economy/pp

The state budget for 2024 envisages economic growth in Armenia at 7%. The Central Bank of Armenia expects the country's economic growth in 2024 to be in the range of 6.5-5.8%. -0-/pp nbsp;/p